|
Self study 14
Task 1. Make up sentences with the following words.
labor market= The longer people have been unemployed, the harder it is for them to compete in the labour market
competition=I won at university competition
competitive market= Japan is a highly competitive market system.
potential employers= It is a person or company who is a potential employer
market power= Companies can use their market power to make large profits in a number of ways.
potential employees= Your employees is the person or organization that you work for
market supply =Market supply is the total amount of an item producers are willing
quantity of output= Output is a quantity of goods or services produced in a specific time period
marginal productivity= When the marginal product of labor becomes negative, it is known as negative marginal returns.
wage rate= Economic migration and labour migration show a profound difference in wage rates
Task 2. Translate the given sentences into your native language.
1.A competitive labor market is one where there are many potential employers for a given type of worker, say a secretary or an accountant.
2. Since the employer is exploiting its market power, we call the firm a monopsony.
3. Because that employer has no direct competition in hiring, if they offer lower wages than would exist in a competitive market, employees will have few options.
4. Because the monopsonist is the sole employer in a labor market, it can offer any wage that it wishes.
5. The marginal cost of labor is the cost to the firm of hiring one more worker.
1.Raqobatbardosh mehnat bozori - bu ma'lum turdagi ishchilar uchun ko'plab potentsial ish beruvchilar mavjud bo'lgan bozordir, deylik kotib yoki buxgalter.
2. Ish beruvchi o'zining bozor kuchidan foydalanganligi sababli, biz firmani monopsoniya deb ataymiz.
3. Ish beruvchining yollashda to'g'ridan-to'g'ri raqobati yo'qligi sababli, agar ular raqobatbardosh bozorda mavjud bo'lganidan pastroq ish haqini taklif qilsalar, xodimlarning imkoniyatlari kam bo'ladi.
4. Monopsonist mehnat bozorida yagona ish beruvchi bo'lgani uchun u xohlagan ish haqini taklif qilishi mumkin.
5. Ishchi kuchining marjinal tannarxi - bu firmaning yana bitta ishchini yollash xarajatlari.
Task 3 . Write the summary to the given text
Competition in labor markets
There are two sources of imperfect competition in labor markets. These are demand side sources, that is, labor market power by employers, and supply side sources: labor market power by employees.
A competitive labor market is one where there are many potential employers for a given type of worker, say a secretary or an accountant. Suppose there is only one employer in a labor market. Because that employer has no direct competition in hiring, if they offer lower wages than would exist in a competitive market, employees will have few options. If they want a job, they must accept the offered wage rate. Since the employer is exploiting its market power, we call the firm a monopsony. Think about surgical nurses in a town with only one hospital. Employers that have at least some market power over potential employees is not that unusual. After all, most firms have many employees while there is only one employer . Thus, even if there is some competition for workers, it may not feel that way to potential employees unless they do their research and find the opposite.
How does market power by an employer affect labor market outcomes?
Intuitively , one might think that wages will be lower than in a competitive labor market. Let’s prove it. We will tell the story for a monopsonist, but the results will be qualitatively similar, although less extreme for any firm with labor market power . Think back to monopoly. The good news is that because the monopolist is the sole supplier in the market, it can charge any price it wishes. The bad news is that if it wants to sell a greater quantity of output, it must lower the price it charges. Monopsony is analogous. Because the monopsonist is the sole employer in a labor market, it can offer any wage that it wishes. However, because they face the market supply curve for labor , if they want to hire more workers, they must raise the wage they pay . This creates a quandary , which we can understand by introducing a new concept: the marginal cost of labor . The marginal cost of labor is the cost to the firm of hiring one more worker. However, here is the thing: we assume that the firm is determining how many workers to hire in total. They are not hiring sequentially .
Conclusion
The labor market is a market where labor is traded. Participants of the labor market are employers, employees and various intermediaries between them. Various intermediary firms, organizations and agencies form the infrastructure of the labor market. Labor power is offered to the market by its owner as a special commodity. Recruiters come to the labor market with demand. Labor exchange can take place directly between the buyer and the seller or with the participation of intermediaries.
Do'stlaringiz bilan baham: |
